S&P 500 Index: Breach of key supports warns a test of 3730 – Credit Suisse SP500 Banks
S&P 500 has now seen a break below key support at 3940/27 to warn of a more important turn lower.“S&P 500 has broken key support from at 3940/27 on increased volume to mark in our view an important break lower. We look for this to clear the way for support next at the 61.8% retracement at 3764/60 and then we think the 200-week average at 3730. Our bias would then be to look for the market to stabilize around 3730.
“Back above 4018 is needed to suggest we may have seen a ‘false’ break lower but with a break above 4078 needed to reassert an upward bias for strength back to 4195.”Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets.
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